IL&P and Ryanair provide main action in dull day

MARKET REPORT: The market was in a sluggish mood for most of yesterday, with volumes low across the board as investors struggled for inspiration.

The banks were softer in the main, with the exception of Irish Life & Permanent, which has denied reports of buyout talks. Shares in the group climbed 10 cents to €14 as investors wondered how long it would be before a real takeover bid would emerge.

AIB fell three cents to €13.62, while Bank of Ireland dropped 14 cents to €11.63.

Anglo Irish finished at €14.00, down 17 cents after falling victim to profit-takers. The bank has attracted broker upgrades in the wake of Friday's strongly positive a.g.m. statement.

Ryanair was the busiest stock on the day, as traders eyed tomorrow's third-quarter results. Shares in the airline closed unchanged at €7.

CRH drifted lower on light volume to close at €17.22, down 13 cents.

IAWS had a bad day, with shares dropping 15 cents to €9.30 on investor worries over the group's exposure to the troubled Scottish fish-farm market. The food group will issue a trading update later this week.

Greencore was firmer, rising two cents to €3.40. Glanbia added two cents to close at €2.35.

DCC was among the outperformers, with shares climbing five cents to €11.95, helped by a positive note from Davy.

Iona, which has also attracted positive comment from Davy, lost five cents on light volume. The company finished at €5.70, with Davy having raised its US price target to $10.00 (€8.02).

Takeover target Gresham rose five cents to €1.25 on low volume, with a buyout offer of at least €1.35 expected this week.

McInerney was apparently unaffected by reports that it too could be the object of a takeover approach, with shares falling four cents to €5.20. Fellow builder Abbey shed 13 cents to close at €7.87.

Waterford Wedgwood, which is due to issue a trading statement today, fell two cents to 25 cents.